24 Feb 2012

$1 billion half year profit at Telecom

12:19 pm on 24 February 2012

Telecom has recorded a half year profit of $1,006,000,000.

The company split off its network arm, Chorus, last year.

When that and other one-off items are stripped out, underlying profit was $240 million - 52% more than in the same period a year earlier.

Revenues from mobiles rose 12% compared to the first half of the financial year, while broadband revenues rose 5%.

Telecom expects a second half profit of between $160 - $190 million and plans to return up to $300 million to shareholders through a share buyback.